New Lenox trustees said this week that the village will continue its current letter-of-credit policy while staffers take a look at some other options.
Letters of credit function as assurance that developers will complete public improvements such as sidewalks and streetlights. They are set at 125 percent of the cost of the work and are usually reduced as projects are completed.
If the work is not completed, the village can take the money and use it to finish the work.
Trustees at this week’s special meeting expressed concern about retaining enough cash to motivate developers to finish their projects.
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Mayor John Nowakowski suggested that perhaps 10 percent of the letter of credit be kept until the village approves a developer’s work.